We are committed to maintaining and upholding good corporate governance in order to protect the interests of our customers, staff and shareholders. Our Board sets high standards for our employees, senior management and directors. We abide strictly by the laws and regulations of China and the other jurisdictions where we operate, and we observe the guidelines and rules issued by regulatory authorities relevant to our business, such as those issued by the PRC Ministry of Information Industry, the Hong Kong Securities and Futures Commission and the Stock Exchange of Hong Kong.
Our Board of Directors is at the core of our corporate governance framework. The Board is responsible for providing high-level guidance and effective oversight of our Management. The Board authorises our Management to execute strategies that our Board has approved. Our Management reports to the Board and is responsible for our day-to-day operations. We are committed to the view that our Board should include a balanced composition of executive and non-executive directors (including independent non-executive directors), so that there is a strong independent element on our Board that can effectively exercise independent judgment.
To avoid the concentration of power in any single individual, the positions of Chairman and Chief Executive are held by two different individuals. The Chairman is responsible for ensuring that our Board properly discharges its responsibilities and conforms to good corporate governance practices and procedures. As the Chairman of the Board, he is also responsible for making sure that all Directors are properly briefed on issues arising at the board meetings, and that all Directors receive accurate, timely and reliable information. The Chief Executive Officer is responsible for providing leadership for the senior management team and for implementing the policies and development strategies approved by our Board.
As an integral part of good corporate governance, our Board has established three standing Board Committees to oversees particular aspects of our affairs. They are the Audit Committee, the Remuneration Committee and Nomination Committee. The Committees are governed by their respective Terms of Reference.